Veidekke sold residential units valued at NOK 3.3 billion in 2018

Veidekke sold residential units valued at NOK 3.3 billion in 2018

08.01.2019 - 09:00

Veidekke sold 200 residential units in the 4th quarter. A total of 723 residential units were sold in the full year 2018. Overall, Veidekke sold residential units valued at NOK 3.3 billion in 2018. There were 2,638 units under construction at the end of 2018, and the sales ratio was 78%.

Veidekke sold 200 residential units in the fourth quarter of 2018, which is on par with the third quarter level. A total of 111 residential units were sold in Sweden. The value of the residential units sold was NOK 760 million, of which Veidekke’s share was NOK 640 million. For the full year, residential units valued at NOK 3.3 billion were sold, and Veidekke's share was NOK 2.6 billion.

“Residential sales were on par with the third quarter. Quarterly activity in Norway was at the same level as earlier in 2018, while for Sweden we saw a somewhat improved level of activity at the end of the year in Stockholm. The number of units under construction in our total portfolio remains stable at a high level,” says Jørgen Wiese Porsmyr, Executive Vice President.

The number of residential units under construction declined somewhat compared with the end of 2017 and is now at 2,638 units, of which Veidekke’s share is 2,116 units. The sales ratio for units under construction is 78%.

In Sweden, two projects with total sales of 40 units in preceding quarters, were withdrawn from the market for revision, as they had not achieved sufficient pre-sales of 50%. These sales have been deducted from the annual figures below.

Residential sales figures for Veidekke as at the fourth quarter of 2018:

Fourth quarter of 2018 (2017)

2018 (2017)

12 months rotating sales 1)

Gross 1)

Net 2)

Gross 1)

Net 2)

Norway

89 (124)

52 (99)

437 (493)

288 (304)

437

Sweden 3)

111 (86)

109 (80)

286 (722)

271 (645)

286

Total

200 (210)

161 (179)

723 (1215)

559 (949)

723

Number of sales including joint venture projects

Veidekke's share of sales

Full-year figures have been adjusted for sales in previous quarters in 2018 for which a decision has been made not to start construction.

Veidekke is one of Scandinavia's largest construction and property development companies. The company undertakes all types of building and civil engineering contracts, develops residential projects, maintains roads, and produces asphalt and aggregates. The company is characterised by involvement and local knowledge. Revenue is around NOK 32 billion, and half of the 8,000 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange and has always posted a profit since it was founded in 1936.